ZOOM! Loss Mitigation CEO Earns SFR Designation

Randy Cochrane, CEO of ZOOM! Loss Mitigation Specialists has just received a new designation, the SFR (Short Sales and Foreclosure Resource) Designation. Mr. Cochrane has completed live classes and online training to bring ZOOM! Loss Mitigation's clients the highest level of service with short sales and foreclosures.

The National Association of REALTORS offers the SFR certification to REALTORS who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. REALTORS who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

In this market, Mr. Cochrane felt it was very important to be as knowledgeable as possible to help not only sellers in troubled times, but buyers as well. There are many aspects of a transaction that change depending upon the situation of the seller.

Treasury Announces New Short Sale Process

The U.S. Treasury Department on Monday released a plan to speed up and encourage Short Sales as a means to help families avoid foreclosure. We've been offering Short Sale proposals to public officials for over a year, and although the new guidelines aren't everything we were hoping for, they do represent a significant improvement over the current situation.

Short Sales have been difficult to close, and these new measures are a huge step in the right direction. One major highlight: A lender must give a yes or no answer to an offer within 10 days. Also included: a moving allowance, incentives for sellers and lenders, commission rules, and a stipulation that releases sellers from debt liabilities.

Here's an initial Reuters news story outlining the new policies.

As we've said throughout 2009, the key in this market is to become a expert. Industry experts are speculating a tremendous increase in Short Sales during the coming year. At ZOOM! Loss Mitigation, our staff is quickly developing resources to help you understand the new Short Sale guidelines and explain them to your buyers and sellers.

Please let us know if we can be of service. Call 1-800-480-1917 with any questions or concerns.

Top 5 Facts You Need to Know about the Expanded Home Buyers Tax Credit

On November 6, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law, extending and expanding the important home buyer tax credit, and thereby providing many Americans with just the break they need to buy a first home or move up to a new home.

Our goal is to provide real estate agents and their clients with critical real estate information.

Below are some key facts about the extended and expanded tax credit that are critical for buyers to understand in order to take advantage of this opportunity:

1. Eligibility: The tax credit is now available for first-time home buyers and eligible current homeowners. A first-time home buyer is an individual who has not owned a principal residence during the three-year period prior to the purchase. This law applies for both parties in a married couple; if you haven’t owned a home for three years, but your husband has, then neither one of you can qualify for the tax credit. A qualified current homeowner who wished to move to a different home, must have owned and resided in their residence for five consecutive years out of the last eight.

2. Salary requirements: Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.

3. Amount of credit: The maximum credit amount for first-time home buyers is $8,000; the maximum credit amount for current homeowners is $6,500. The federal tax credit amounts to 10% of the cost of the home, up to a maximum credit of $8,000 for first-time home buyers and $6,500 for current homeowners. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less. The tax credit is a true credit—it does not have to be repaid unless the homeowner sells or stops using the home as their principal residence within three years after the purchase.

4. It’s refundable: The tax credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if you owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405, which you file with your original or amended tax return.

5. Timeline: The credit is available for homes purchased on or after November 7, 2009 and before May 1, 2010. The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home (newly-constructed or resale, single-family detached, townhomes or condominiums) between the dates of November 7, 2009 and April 30, 2010. Home purchases subject to a binding sales contract signed before May 1, 2010 will also qualify for the tax credit as long as closing occurs by June 30, 2010.

For more information on the home buyer tax credit, e-mail us or visit www.irs.gov.

11 Reasons to List Your Home During the Holidays

1. People who look for a home during the Holidays are more serious buyers!

2. Serious buyers have fewer houses to choose from during the Holidays and less competition means more money for you!

3. Since the supply of listings will dramatically increase in January, there will be less demand for your particular home! Less demand means less money for you!

4. Houses show better when decorated for the Holidays!

5. Buyers are more emotional during the Holidays, so they are more likely to pay your price!

6. Buyers have more time to look for a home during the Holidays than they do during a working week!

7. Some people must buy before the end of the year for tax reasons!

8. January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until Spring to buy, you must be on the market now to capture that market!

9. You can still be on the market, but you have the option to restrict showings during the six or seven days during the Holidays!

10. You can sell now for more money and we will provide for a delayed closing or extended occupancy until early next year!

11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses are on the market for less money! This will allow you to sell high and buy low!

ZOOM! Loss Mitigation Toll-Free Fax Number

ZOOM! Loss Mitigation now has a toll-free eFax number 1-888-315-3401.

Protecting Tenants at Foreclosure Act of 2009

Public Law 111-22, Effective Date May 20, 2009

TITLE VII--PROTECTING TENANTS AT FORECLOSURE ACT

SEC. 701. SHORT TITLE.
This title may be cited as the `Protecting Tenants at Foreclosure Act of 2009'.

SEC. 702. EFFECT OF FORECLOSURE ON PREEXISTING TENANCY.
(a) In General- In the case of any foreclosure on a federally-related mortgage loan or on any dwelling or residential real property after the date of enactment of this title, any immediate successor in interest in such property pursuant to the foreclosure shall assume such interest subject to--
(1) the provision, by such successor in interest of a notice to vacate to any bona fide tenant at least 90 days before the effective date of such notice; and
(2) the rights of any bona fide tenant, as of the date of such notice of foreclosure--
(A) under any bona fide lease entered into before the notice of foreclosure to occupy the premises until the end of the remaining term of the lease, except that a successor in interest may terminate a lease effective on the date of sale of the unit to a purchaser who will occupy the unit as a primary residence, subject to the receipt by the tenant of the 90 day notice under paragraph (1); or
(B) without a lease or with a lease terminable at will under State law, subject to the receipt by the tenant of the 90 day notice under subsection (1),
except that nothing under this section shall affect the requirements for termination of any Federal- or State-subsidized tenancy or of any State or local law that provides longer time periods or other additional protections for tenants.
(b) Bona Fide Lease or Tenancy- For purposes of this section, a lease or tenancy shall be considered bona fide only if--
(1) the mortgagor or the child, spouse, or parent of the mortgagor under the contract is not the tenant;
(2) the lease or tenancy was the result of an arms-length transaction; and
(3) the lease or tenancy requires the receipt of rent that is not substantially less than fair market rent for the property or the unit's rent is reduced or subsidized due to a Federal, State, or local subsidy.
(c) Definition- For purposes of this section, the term `federally-related mortgage loan' has the same meaning as in section 3 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602).

SEC. 703. EFFECT OF FORECLOSURE ON SECTION 8 TENANCIES.
Section 8(o)(7) of the United States Housing Act of 1937 (42 U.S.C. 1437f(o)(7)) is amended--
(1) by inserting before the semicolon in subparagraph (C) the following: `and in the case of an owner who is an immediate successor in interest pursuant to foreclosure during the term of the lease vacating the property prior to sale shall not constitute other good cause, except that the owner may terminate the tenancy effective on the date of transfer of the unit to the owner if the owner--
`(i) will occupy the unit as a primary residence; and
`(ii) has provided the tenant a notice to vacate at least 90 days before the effective date of such notice.'; and
(2) by inserting at the end of subparagraph (F) the following: `In the case of any foreclosure on any federally-related mortgage loan (as that term is defined in section 3 of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602)) or on any residential real property in which a recipient of assistance under this subsection resides, the immediate successor in interest in such property pursuant to the foreclosure shall assume such interest subject to the lease between the prior owner and the tenant and to the housing assistance payments contract between the prior owner and the public housing agency for the occupied unit, except that this provision and the provisions related to foreclosure in subparagraph (C) shall not shall not affect any State or local law that provides longer time periods or other additional protections for tenants.'.

SEC. 704. SUNSET.
This title, and any amendments made by this title are repealed, and the requirements under this title shall terminate, on December 31, 2012.

Top 5 Tips for Securing a Loan Modification

Like many Americans, you or someone you know may be behind on your mortgage payments due to a number of possible financial troubles. You’re not alone.

Here are five tips for working with your lender to expedite a loan modification:

1. Come Clean

It can be tempting to bend the truth when you are trying to convince a lender to approve a loan modification. Some homeowners are embarrassed; others try to fudge the numbers. However, only by laying all your cards on the table and disclosing the truth can you begin to attend to the root cause of your financial hardship and then develop and implement solutions that put you back on the path to long-term financial health.

2. Understand Your Lender’s Point of View

Regardless of how you ended up in the situation you’re in, blaming the lender or the mortgage broker or loan officer who placed you in your current mortgage does little good, unless you can prove your point in court. Usually, you have a better chance of resolving the problem by understanding your lender’s point of view, even if you don’t agree with it.
Know that for lenders, it all boils down to money. If you can show them that modifying your loan cost them less than a foreclosure would, and they believe you will honor the terms of the loan modification, they are likely to approve it. If not, then they are likely to reject it. Lenders need to protect their own interests and carefully screen out ineligible applicants, which can often make the process much more difficult and frustrating for homeowners who genuinely suffer financial hardship and need a loan modification.

3. Keep a Cool Head

Understandably, homeowners often become frustrated and angry when seeking assistance from their lender. Unfortunately, anger can result in the following:

- “Accidental” disconnects: The customer service rep you’re speaking with may put you on hold permanently or hang up “accidentally.”
- Lost files: Your file may get “lost” or “misplaced.”
- Rejection: Your lender may decide that you are unreasonable and that foreclosing would be less costly overall.
- A bad offer: Your lender may offer a workout solution that is worse than what you would get had you been nice about it.

If you doubt your own ability to remain calm, cool, and collected during the entire process, consider hiring a professional to represent you.

4. Give Them What They Need

Prior to applying for a loan modification, call your lender or visit its website to obtain an application packet or a list of items you need to submit with your application. Find out exactly which forms you need to fill out and which documents your lender needs to process your application. Label everything clearly and legibly with your name and loan number and provide a checklist of all items you’re submitting in your application packet. Arrange the items in the order listed by your lender, so whoever is processing your application does not have to search for items. Include a cover page that lists your name and loan number in large print as well as an items-included list.

5. Ask For What You Want

Before discussing the terms of the loan modification with your lender, you should have a fairly clear idea of what you want and need. Answer the following questions for yourself. This will help you field questions from your lender:

- How much do you owe in late or missed payments?
- Can you catch up on the missed payments?
- Do you need additional time to catch up on missed payments?
- How much can you realistically afford to pay each month?
- Do you really want to keep your home or would you prefer to sell if you could walk away not owing anything?

Remember, an affordable loan modification can enable you to catch up on any missed payments, lower your monthly mortgage payment, and keep your house.

To find out if you might be eligible for a loan modification, please call our office at 1-800-480-1917.

Please forward this important information on to any family members and friends who may find it useful.

Learn to Love Short Sales! - 2 Hour CE Core Course Distance Education (Utah)

Whether you choose to attend one of our live 2 Hour CE Core Course Workshops or Webinars, you will become an expert in listing and selling pre-foreclosures and short sales.

Learn to Love Short Sales!

PLEASE join us for a live CE Distance Education Webinar on September 2nd, 2009

YOU DON'T WANT TO MISS THIS!!!!

Please RSVP now space is limited.

As you already know, home sellers, agents, and investors are having trouble selling their homes because of the significant drop in values. This means that more sellers will face short sale situations than ever before.

The expert who will be presenting our upcoming Workshop operates in many states around the country and is willing to share his secrets onhow to get short sales approved faster and make more money!

In this Webinar you will learn:

* Why short sales make sense

* Understanding the HUD Guidelines

* The new HVCC Rule and HERA Law

* Working with Buyers and Buyers Agents

* Short Sale Addendum's and Multiple Offers

* 11 critical questions you NEED to know

* 10 ways to generate a short sale listing TODAY

* AND MUCH MORE!!!

We realize this probably sounds unrealistic, but we will prove it on September 2nd on our special Webinar.

There is no charge for this Webinar.

However, you must register now!

Location: Utah - Live 2 Hour CE Core Course Distance Education
Date: Wednesday, September 2nd, 2009
Time: 12:00 - 2:00 PM (MDT)

Register online at http://www.LearntoLoveShortSales.com

After registering you will receive a confirmation e-mail containing additional information about the Webinar.

Deficiency Judgment - Short Sale

In some states the lender can obtain a deficiency judgment against a homeower for any amount they are unable to recuperate through a foreclosure or a short sale. This means that if the mortgage is for $200,000 and the bank forecloses and sells the property at auction for $125,000 they could obtain a deficiency judgment for $75,000.

In most cases this does require and additional legal action and causes the mortgage company to incur additional expenses attempting to collect a debt.

There are 6 Non-Deficiency states in the US. They are as follows:

1. California
2. Minnesota
3. Mississippi
4. Montana
5. North Dakota
6. West Virgina

Mortgage companies are acutely aware of a borrowers inability to pay so they often see further collection attempts fruitless.

Short Sale Questions Answered - ZOOM! Loss Mitigation Specialists

RealtyTrac Reports 1.9 Million Foreclosure Filings in First Half of 2009

The number of properties involved in foreclosure filings continued to rise in the first half of 2009 (HI09), up 15% from the same period in 2008, according to the Irvine, Calif.-based RealtyTrac’s mid-year US Foreclosure Market Report, released Thursday.

RealtyTrac reported a total of 1,905,723 foreclosure filings — default notices, auction sale notices and bank repossessions — on 1,528,364 properties from January to June 2009.

Those more than 1.5m properties represent a 9% increase in total properties from July to December 2008, and represents 1.19% — one in 84 — of all US housing units.

There were at least 300,000 filings every month from March to June, bringing the second-quarter total to its highest level — 889,829 total filings — since RealtyTrac began its report in Q105.

RealtyTrac CEO James Saccacio said unemployment-related foreclosures are keeping levels up, despite industry moratoria and federal, state and municipal efforts to curb foreclosures.

“Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue,” Saccacio said in a release.

Nevada had the greatest number of foreclosure filings, with more than 6% — one in 16 — housing units receiving at least one. Filings in the state are up 23% from the previous six months and increased 61% from the first half of 2008.

Arizona had the second highest rate, with 3.37% of homes receiving at least one filing, followed closely by Florida, which had a rate of 3.08%.

The states rounding out the top 10 are: California (2.94%), Utah (1.46%), Georgia (1.42%), Michigan (1.34%), Illinois (1.31%), Idaho (1.26%) and Colorado (1.25%).

RealtyTrac’s report is based on data from more than 2,200 counties nationwide, representing more than 90% of the US population.

By AUSTIN KILGORE July 16, 2009 10:13 AM CST (Housingwire.com)

Short Sale - Your Financial Lifeline

State Foreclosure Procedures

Find information about homes and communities organized by state at:

http://www.hud.gov/local/index.cfm

Foreclosure Procedure - Utah

Timeframe: Statutory: 124 days
First Legal Action : Regarding Notice of Default
Mailing Service:
Notice of Default: Ten (10) days after recording
Notice of Sale: Twenty (20) days before sale Certified, Return Receipt
Publication: Once a week for 3 weeks - last pub must be at least 10 days before sale but not more than 30
Reinstatement: Within three (3) months of the Notice of Default recording
Postponements: Unlimited, but not to exceed forty-five (45) days from original sale date
Miscellaneous: Request copy of note
Deficiency Judgments after a non-judicial foreclosure sale: YES

Short Sale Marketing Materials Available

Sample postcard

MarketEase provides short sale marketing materials for real estate agents and investors around the Country. Contact Dan at www.MarketEase.com or call 801-527-2005 mention "ZOOM M.E." and receive a special discount.

Do I Qualify For A Short Sale?

The qualifications for a short sale include any or all of the following:

1. Financial Hardship – There is a situation causing you to have trouble affording your mortgage.

2. Monthly Income Shortfall – “You have more month than money.” A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.

3. Insolvency – The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

Certified Distressed Property Expert (CDPE) - Press Release

RANDY COCHRANE EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Randy Cochrane, CEO of ZOOM! Loss Mitigation has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.
More homes than ever are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales,” said Cochrane. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Randy with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information, please call 1-800-480-1917 or visit www.ZOOMLossMitigation.com.

Salt Lake City - One Out of Seven Homes for Sale are Short Sales

04 June 2009—

The Salt Lake Board of REALTORS reported that one out of every seven homes listed for sale or under contract in Salt Lake County is a short sale, a transaction in which the proceeds fall short of what is owed on the mortgage.

As of June 2, there were 7,643 homes and condominiums in Salt Lake County actively listed for sale or under contract. Of that number, roughly 15 percent (1,134 properties) were listed as a short sale (pending price approval or price approved). The number of short sales today is about double from what it was a year ago.

“Short sales can offer good deals for buyers, but it can take several months for a bank to approve a short sale,” said Ryan Kirkham, president of the Salt Lake Board of REALTORS. “Buyers interested in purchasing a home in a short sale should do their homework by investigating the financial situation of the seller. Make sure that the seller and his/her agent have already talked with the lender. Ultimately, a short sale must be approved by the lender.”

According to a recent story in the Washington Post, “Lenders aren't in the business of accepting less than they are owed, and their paperwork machinery isn't even set up to work that way efficiently. Their approval of a short sale is always slow in coming – if it ever comes at all. You need to find out if the bank even has a clue that the seller is trying for such a deal.”

President Barack Obama last month announced incentives to encourage short sales under his new Foreclosure Alternative Program. Borrowers who qualify can receive up to $1,500 to help with relocation expenses and up to $1,000 toward the cost of paying junior lien holders to release their liens. In addition, lenders or servicers are eligible for $1,000 for the successful completion of a short sale or deed-in-lieu of foreclosure. This program is in effect through 2012.

by PR or News Wire

Short Sale Survival Kit

A Short Sale is a complex transaction that requires expertise. Our Short Sale Survival Kit can help save your homeowner from foreclosure!

Items enclosed:

- How to STOP a home from going to foreclosure
- Credit counseling information
- Credit repair information
- Loan Modification verses a Short Sale
- Answers to frequently ask short sale questions
- VIP Seller Recovery Program
- And more!

This FREE Survival Kit also includes a complimentary special report entitled - "Short Sale vs. Foreclosure - Homeowner Consequenses".

Don't wait...Order your Short Sale Survival Kit now!

Call 1-800-480-1917 to receive your free Short Sale Survival Kit or simply go to www.ShortSaleRecovery.com.

Short Sale Pitfalls and Solutions

As a homeowner considering a short sale, it is important you understand the process. Following are some of the most common mistakes agents and homeowners make when handling a short sale.

Your Property is Priced Incorrectly

Pitfall: Your Property is Priced IncorrectlyThis is the most common mistake made with all properties, and the most common reason a property doesn’t sell.
Solution: Agent Providing Understanding and Transparency Your real estate agent will go through a detailed listing price strategy with you, allowing you to see exactly where your property should be priced based on its current condition, sales in your area, and most importantly, how much time you have left to sell.

Your Short Sale Proposal is Incomplete

Pitfall: Your Short Sale Proposal is IncompleteThis is one of the most frequently seen causes for the rejection of short sales proposals. Most agents do not understand the short sale process and what your lender will be looking for.
Solution: Understand All Aspects of the ProcessYour agent should understand the short sale process in detail and be able to explain it clearly. The agent should also be able to communicate effectively with both you and lenders to produce a complete and cohesive proposal.

There has been Inadequate Follow-up and Communication

Pitfall: There has been Inadequate Follow-up and CommunicationAs your property goes through each stage of the short sale process, an agent can jeopardize the transaction by not properly communicating with everyone involved. As the homeowner, you may not know that your file has been delayed, and that you again may run out of time to close and avoid foreclosure.
Solution: Select an Agent With ExperienceThe right agent knows exactly how to follow up to ensure that your lender’s issues are addressed in a timely manner, and will make certain you do not have unnecessary delays.

Not Enough Time

Pitfall: There Isn’t Enough TimeIt is critical that your agent understands the foreclosure laws in your area. They should be able to show you an estimated timeline for the process, from start to closing. In addition, they should know how to communicate with your lender. Certain information can be provided to lenders to postpone your foreclosure for weeks or months in order to negotiate a sale.
Solution: Provide Accurate and Useful InformationMake sure you provide your agent accurate information as to exactly how many payments you have missed and any correspondence you have received from your lender. This will allow your agent to understand your situation and work to improve it.

Your Deal is Not Submitted Properly

Pitfall: Your Deal is Not Submitted ProperlyIf you do not follow the directions you receive for submission, then you are expecting an over-worked, under-staffed department to go out of their way to handle your file. There is very little likelihood of this situation working out in your favor.
Solution: Follow Instructions CloselyIf you are instructed to fax your file, fax it and send a backup copy in the mail. If you are instructed to mail two copies, mail two copies. When you reach the point of having a contract, all your information, and a completed proposal, you do not want your deal to fall apart because no one sees it.

The Buyer’s Offer is Too Low

Pitfall: The Buyer’s Offer is Too LowMany agents will encourage you to submit any offer that comes in. The reality is that a short sale is not the same as a fire sale. In order to have a legitimate chance of getting your deal approved, you must have an offer that is more attractive to the lender than a foreclosure.
Solution: Proper NegotiationThe right agent will work with you to properly negotiate any offer that you receive to get ‘highest and best’ from each potential buyer. This ensures you are presenting the best possible solution to your lender.

The Buyer’s Contract is Not Strong Enough

Pitfall: The Buyer’s Contract is Not Strong EnoughEspecially in our current economic climate, willingness to make an offer on a property does not mean that a buyer is truly qualified to purchase. The reality is that buyers need to be preapproved for financing, closing funds must be verified, and their ability to buy needs to be confirmed.
Solution: An Agent Familiar with Qualifying BuyersYour agent should be familiar with what must be verified in order to qualify a buyer to submit an offer on your property. Otherwise, these offers may have little chance of closing. Don’t risk this process with an uneducated agent who does not appreciate this aspect of short sales.

In conclusion, While these pitfalls may seem troublesome, the right agent can help you navigate your way to a successful closing. Don’t endanger your financial future and the potential sale of your home with an agent who does not fully understand the process.

ZOOM! Loss Mitigaton works with many CDPE-designated agents have completed extensive training in the short sale process, and in assisting struggling homeowners who need real solutions. They understand what you are going through, and are here to serve and help save your family’s interests.

For more information contact us directly at 1-800-480-1917 or e-mail us at Questions@ZOOMLossMitigation.com.

Please join us at the REBAR Camp SLC June 5th

http://rebarcamp.com/slc/

RE Bar Camp is an ad-hoc gathering born from the desire for people to share and learn in an open environment. It is an intense event with discussions, demos, and interaction from attendees.

When: 9 a.m. - 4:30 p.m. on Friday, June 5th, 2009

Where: Salt Lake Board of Realtors Campus
230 W. Towne Ridge Parkway, #200 Sandy, UT 84070

Why: To learn from each other, to network with each other, to encourage each other, to challenge each other, to help make each one of us better at what we do.

RE BarCamp is a fabulous FREE day of sharing and learning.

What makes a BarCamp the best event you’ll attend this year? YOU set the agenda. YOU come to learn and to share only the things YOU are interested in!

The main focus of the Salt Lake BarCamp on June 5th is Social Media & Technology.

Topics Include:

Blogging
Twitter
You Tube
Facebook
Search Engine Optimization
Podcasting
Web Marketing
Google
and MORE!

Come learn about the tools and technologies successful agents are using in this economy. You can’t afford NOT to come to this FREE event if you want your business to thrive like never before, even in this economy!

ZOOM! Loss Mitigation
Official Sponsor

Lender Approved Short Sale Properties Available!

**NOW AVAILABLE** Lender Approved Short Sale Properties!

Do you have buyers looking for a great deal? Several agents currently working with ZOOM! have "Lender Approved" Short Sale bargains now available, which can be purchased below market value. Many of these properties have cosmetic problems which can be quickly remedied by the new owner. If a new home buyer is willing to put in a little bit of sweat equity, these homes often represent outstanding value. With our online service, you'll receive a FREE weekly list of lender approved bargains in your buyer's price range and area of preference.

Get the edge on other agents and home buyers by accessing this valuable insider information!

Free Weekly Hot List delivered to you! To begin receiving your weekly hot list, simply go to www.LenderApprovedShortSale.com and complete the form at the bottom of the page and click the 'Submit' button.

To your success,

ZOOM! Loss Mitigation Specialists
Toll-Free: 1.800.480.1917
Direct: 801.527.2011
Website: www.ZOOMLossMitigation.com

A Special Gift

Dear Friend,

We are pleased to send you a special gift – a complimentary summary of Billion Dollar Agent – Lessons Learned. You may also be eligible to receive a 30 minute business brainstorming session courtesy of ZOOM! Loss Mitigation Specialists.

To receive your complimentary book summary or to schedule your brainstorming session with the author, please go to http://www.ZOOMShortSale.com and click on the link "A Special Gift" or call our office at 1-800-480-1917. Times available are usually Tue-Fri, 8-9am, 11am-12pm, and 4-6pm EST.

Billion Dollar Agent – Lessons Learned is based on interviews with 70 top agents who have sold over $1 billion in their career, or are on track to do so. It is the only book available with interviews from top national coaches/trainers like Howard Brinton, Mike Ferry, Ken Goodfellow, Walter Sanford, and Floyd Wickman. If you liked Millionaire Real Estate Agent, you will love Billion Dollar Agent – Lessons Learned!

We hope you enjoy this gift of knowledge!

To your success,

Client Care

ZOOM! Loss Mitigation Specialists

H.R. 3221 Housing and Economic Recovery Act of 2008

Status:

Introduced - Jul 30, 2007
Reported by Committee - Sep 5, 2007
Passed House - Aug 4, 2007
Passed Senate - Apr 10, 2008
Signed by President - Jul 30, 2008

This bill became law.

Cost: $4 per American over the 2008-2012 period.

Other Titles:

-- Building American Homeownership Act of 2008
-- Federal Housing Finance Regulatory Reform Act of 2008
-- FHA Manufactured Housing Loan Modernization Act of 2008
-- FHA Modernization Act of 2008
-- Foreclosure Prevention Act of 2008
-- HOPE for Homeowners Act of 2008
-- Housing Assistance Tax Act of 2008
-- Housing Tax Credit Coordination Act of 2008
-- Mortgage Disclosure Improvement Act of 2008
-- S.A.F.E. Mortgage Licensing Act of 2008
-- Secure and Fair Enforcement for Mortgage Licensing Act of 2008
-- Small Public Housing Authorities Paperwork Reduction Act

Highlights for the bill, generously made available by Project Vote Smart:

The following summary was for the Concurrence Vote for this bill on 2008-07-26. The bill may have changed since then.

-Increases the national debt limit from $9.82 trillion to $10.62 trillion (Sec. 3083).

-Establishes the Home Ownership Preservation Entity Fund to fund the HOPE (Home Ownership Preservation Entity) for Homeowners Program, which will insure up to $300 billion for 30 year refinanced loans for distressed borrowers between October 1, 2008-September 30, 2011 (Sec. 1402).

-Provides that the mortgagor and the Secretary for Housing and Urban Development each receive 50 percent of the appreciation value for each eligible mortgage insured under the HOPE program if changes occur to the property value 5 years after the loan is taken over by HOPE (Sec. 1402).

-Allocates $3.92 billion in grants to States and other units of local government to redevelop abandoned and foreclosed property and $180 million to the Neighborhood Reinvestment Corporation, given that at least 15 percent of the $180 million be provided to housing counseling organizations that provide services for loss mitigation to minority and low-income homeowners (Sec. 2305).

-Establishes a Housing Trust Fund to be used to increase and preserve the supply of rental housing for extremely low and very low-income families (Sec. 1131).

-Establishes the Federal Housing Finance Agency, with regulatory authority over Fannie Mae, Freddie Mac, the Federal Home Loan Banks, and the Office of Finance (Sec. 1101).

-Sets conforming loan limitations for Fannie Mae and Freddie Mac at a maximum of $417,000 for a single-family residence up to $801,950 for a 4-family residence, adjusted annually (Sec. 1124).

-Raises the limits on the size of the principle mortgage obligation that is eligible for insurance for most homeowners, up to 115 percent of the local area median house price for single-family homes (Sec. 2112).

-Increases conforming loan limitations in areas where the average house price is over 115 percent of the housing price index (Sec. 1124).

-Increases appropriations under the McKinney-Vento Homeless Assistance Act from $70 million to $100 million for the fiscal year 2009 (Sec. 2901).

-Increases housing benefits for specially adapted houses for disabled veterans from $10,000 to $12,000, with increases each year tied to the residential home cost-of-construction index (Sec. 2605).

-Changes the limitation on the sale, foreclosure, or seizure of property owned by service members from 90 days to nine months after their return from military service, and limits their interest rates to 6 percent during service and one year after their return (Sec. 2203).

-Provides first-time home buyers with a tax credit of up to $7,500 for residences purchased on or after April 9, 2008, which the homebuyers will repay over fifteen years following their purchase (Sec. 3011).

-Expands home ownership counseling eligibility to include people who have a reduction in income due to divorce or death, or who have an increase in expenses due to medical expenses, divorce, unexpected property damages not covered by insurance, or a large property tax increase (Sec. 2127).

-Allows a real property tax deduction on the amount of state and local real property taxes paid during the taxable year of up to $500 for individuals and $1,000 for joint returns, applicable to taxable years beginning in 2008 (Sec. 3012).

Please send an e-mail to Questions@ZOOMLossMitigation.com or call 1-800-480-1917 for a complete summary or a full PDF version of this bill.

Treasury Announces TARP Capital Purchase Program Description

We have had several agents recently ask about the TARP program and exactly what it is.

The summary is posted below:

October 14, 2008

HP-1207

Treasury Announces TARP Capital Purchase Program Description

Washington- Treasury today announced a voluntary Capital Purchase Program to encourage U.S. financial institutions to build capital to increase the flow of financing to U.S. businesses and consumers and to support the U.S. economy.

Under the program, Treasury will purchase up to $250 billion of senior preferred shares on standardized terms as described in the program's term sheet. The program will be available to qualifying U.S. controlled banks, savings associations, and certain bank and savings and loan holding companies engaged only in financial activities that elect to participate before 5:00 pm (EDT) on November 14, 2008. Treasury will determine eligibility and allocations for interested parties after consultation with the appropriate federal banking agency.
The minimum subscription amount available to a participating institution is 1 percent of risk-weighted assets. The maximum subscription amount is the lesser of $25 billion or 3 percent of risk-weighted assets. Treasury will fund the senior preferred shares purchased under the program by year-end 2008. Institutions interested in participating in the program should contact their primary federal regulator for specific enrollment details.

The senior preferred shares will qualify as Tier 1 capital and will rank senior to common stock and pari passu, which is at an equal level in the capital structure, with existing preferred shares, other than preferred shares which by their terms rank junior to any other existing preferred shares. The senior preferred shares will pay a cumulative dividend rate of 5 percent per annum for the first five years and will reset to a rate of 9 percent per annum after year five. The senior preferred shares will be non-voting, other than class voting rights on matters that could adversely affect the shares. The senior preferred shares will be callable at par after three years. Prior to the end of three years, the senior preferred may be redeemed with the proceeds from a qualifying equity offering of any Tier 1 perpetual preferred or common stock. Treasury may also transfer the senior preferred shares to a third party at any time. In conjunction with the purchase of senior preferred shares, Treasury will receive warrants to purchase common stock with an aggregate market price equal to 15 percent of the senior preferred investment. The exercise price on the warrants will be the market price of the participating institution's common stock at the time of issuance, calculated on a 20-trading day trailing average.

Companies participating in the program must adopt the Treasury Department's standards for executive compensation and corporate governance, for the period during which Treasury holds equity issued under this program. These standards generally apply to the chief executive officer, chief financial officer, plus the next three most highly compensated executive officers.

The financial institution must meet certain standards, including: (1) ensuring that incentive compensation for senior executives does not encourage unnecessary and excessive risks that threaten the value of the financial institution; (2) required clawback of any bonus or incentive compensation paid to a senior executive based on statements of earnings, gains or other criteria that are later proven to be materially inaccurate; (3) prohibition on the financial institution from making any golden parachute payment to a senior executive based on the Internal Revenue Code provision; and (4) agreement not to deduct for tax purposes executive compensation in excess of $500,000 for each senior executive. Treasury has issued interim final rules for these executive compensation standards.

Nine large financial institutions already have agreed to participate in this program, moving quickly and collectively to signal the importance of the program for the system. These healthy institutions have voluntarily agreed to participate on the same terms that will be available to small and medium-sized banks and thrifts across the nation.

Please e-mail us at Questions@ZOOMLossMitigation.com or 1-800-480-1917 for a complimentary copy of the public terms sheet.

www.ShortSaleRecovery.com

Short Sale VIP Seller Recovery Program

Here's how the VIP Seller Recovery Program works:

1. ZOOM! Loss Mitigation Specialists will automatically enroll the client in complementary credit counseling through the AAA Fair Credit Foundation as soon as the initial short sale submission package is received.
2. ZOOM! will negotiate the very best short pay terms and conditions on behalf of the client and their agent. This includes how the lender reports the sale to the credit bureau's.
3. ZOOM! Loss Mitigation will provide quarterly updates during the recovery program process to both the agent and to the client.
4. ZOOM! will notify both the client and their agent as soon as the client can qualify to purchase a new home.

Our goals:

1. Minimize the effects of the short sale on the clients personal credit.
2. Help the client position themselves to purchase a new home as soon as possible a the current fair market value.
3. Assist the client in qualifying for a new loan at a competitive low interest rate.
4. Create a long-term client/agent relationship.

More about the AAA Fair Credit Foundation:

Personal financial related issues have a tendency to damage lives and personal relationships. Everyone faces financial challenges in their life. If your client is experiencing financial setbacks or hardships, we strongly encourage you to refer them to a financial expert who can properly counsel them and help them work through their financial troubles.

AAA Fair Credit Foundation provides professional financial counseling and education by Certified Financial Counselors.

Your client will:

- Learn all of their options for getting out of debt
- Receive free personal advice on financial matters
- Participate in a free budget counseling profile analysis
- Learn tips on how to cut or lower everyday expenses
- Learn how credit scoring works and affect your loanability
- Learn credit building and rebuilding strategies
- Find out why filing bankruptcy does not solve everything
- Learn about the pros and cons of home equity loans
- Find out how to qualify for down payment assistance
- Learn about additional debt relief programs that may be available
- Learn about Consumer rights issues

Due to a large number of state law restrictions which explicitly prohibit paying any kind of bonus or other consideration to any person or third party for the referral to a non-profit credit counseling agency, AAA Fair Credit Foundation does not offer, pay or give any cash, fee, gift, premium, reward or other compensation to any person referring any prospective customer.

AAA Fair Credit Foundation will contact the client via telephone or email. When speaking with AAA by phone or in person, you can be assured that your information will be confidential, safe and secure. They place the highest emphasis on the protection of our customers' privacy and confidentiality.

The ZOOM! Loss Mitigation VIP Seller Recovery Program will begin helping your clients get back on the road to home ownership even before their home is sold.

Your client is our concern, help us help them by contacting our office today at 1-800-480-1917.

Find out more at http://www.ShortSaleRecovery.com.

New Address and Phone Number

We've moved our corporate office to:

7070 South 2300 East, Suite 110
Salt Lake City, Utah 84121
Toll-Free: 1-800-480-1917
Direct: 801-527-2011
Fax: 801-892-2203
E-Mail: ClientCare@ZOOMLossMitigation.com
Website: www.ZOOMLossMitigation.com

How will a short sale affect your clients credit?

The credit consequences of a short sale are very different than that of a foreclosure. Typically a short sale will be reported on a homeowners credit as "settlement", "settled not as agreed", "short sale", "paid not as agreed". Any of these are far better than "FORECLOSURE"!

Due to the nature of a short sale the homeowner may have been in default (over 30 days late) at some point during the short sale process. A few late payments again is far better than the "F" word.

A short sale may reduce a homeowners credit score by 80-100 points. If a foreclosure is reported on a persons credit in can take 7-10 years to remove and can reduce a credit score up to 200-280 points and possibly eliminate a credit score altogether.

During the short sale process ZOOM! Loss Mitigation Specialists always attempts to negotiate the very best possible terms, conditions, and credit reporting status for the homeowner.

Please feel free to contact ZOOM! with any additional questions by calling 1-800-480-1917 or simply e-mail your question to Questions@ZOOMLossMitigation.com.

Short Sale: How Debt Forgiveness Works - H.R. 3648

H.R. 3648: Mortgage Forgiveness Debt Relief Act of 2007

With a short sale, the lender has three possible ways to handle the deficiency balance, which is the portion of the mortgage debt not covered by the sale of the home. First, the lender can attempt to collect the deficiency balance from the seller after the property has closed. Second, the lender may require the seller to sign an unsecured promissory note for the deficiency balance as a condition of agreeing to the short sale. If the new note is for less than the balance of the original debt, the difference would be considered canceled, or forgiven, debt. Third, the lender may agree to cancel the entire deficiency balance.

On the surface, option three would be seem to be the best alternative for a seller. However, the IRS considers any canceled mortgage debt ordinary income. This means that the amount forgiven is taxed at the same rate — somewhere between 15 percent and 30 percent — as the sellers’ salaries. In addition, because the IRS requires the lender to file a 1099-C form stating the amount of the canceled debt, Uncle Sam will have a record of the exact amount of the debt that was cancelled. A seller will also receive a copy of the 1099-C to use in filing income taxes. The seller’s home state would also consider the cancelled debt as ordinary income.

4 Exceptions to the Rule

The IRS does recognize four situations in which cancellation of debt will not result in tax liability for the seller. A seller may avoid tax liability:

1. When the borrower receives a bankruptcy discharge and the deficiency was included in the bankruptcy

2. When the borrower is insolvent at the time of the cancellation of the debt. Insolvency would occur when a borrower’s liabilities exceed assets. Note that seller would have to prove this insolvency to the IRS when filing a tax return.

3. When the debt was secured by a nonrecourse loan. Under a nonrecourse loan, the lender does not have the legal right to collect a deficiency judgment from any assets of the debtor not pledged to secure the loan. While most home mortgages are do not fall into this category, purchase money loans on a person’s residence are nonrecourse in some states.

4. When the tax liability from the cancellation of debt on an investment property can be offset against other business liabilities and expenses. This exception does not apply to properties occupied as a residence by the mortgagor.

In many short sales, a seller would be able to qualify under the first two of these exemptions, especially since it was almost certainly necessary to show financial hardship in order to convince the lender to agree to a short sale. However, it is the seller’s responsibility to notify the IRS why the amount in the 1099-C should not be counted as ordinary income. Otherwise, the IRS will consider the forgiven debt as income and penalize the seller for unpaid taxes.

What to Tell Your Clients

To ensure that your sellers don’t run afoul of the IRS and blame you, you should notify all sellers in writing that they should seek professional tax advice regarding the possible tax consequences of selling their home.

Please call 1-800-480-1917 or e-mail additional questions to Questions@ZOOMLossMitigation.com.

The Housing Affordability and Stability Plan (H.A.S.P.) - Loan Modification

If you can’t qualify to refinance under President Obama’s Making Home Affordable plan, you might still have a chance to lower your monthly payments by doing a loan modification. This portion of the plan is aimed at people who are — or who soon will be – having a tough time paying their mortgage, but who would be able to afford their home if the interest rate on their mortgage was lowered.

Who qualifies?

This will only apply to the first mortgage on your primary residence. To qualify, you must:

1. Have originated your mortgage before Jan. 1, 2009.
2. Be an owner-occupant.
3. Have an unpaid balance that is equal to or less than $729,750 (for a single-family home).
4. Have trouble paying your mortgage due to financial hardship. That could be because you have had an increase in your mortgage payments, or because your income was reduced or you suffered a hardship (like medical problems) that increased your bills, or, you can show that you soon will be unable to make your payments. You will be required to enter an affidavit of financial hardship.
5. Your monthly mortgage payment must also be more than 31% of your gross (pre-tax) monthly income.

To seal the deal, you must successfully complete a three-month trial period at the modified rate. If you make all payments on time, you will keep this lower rate that will be fixed for five years.

I Owe Way More Than My Home is Worth. Am I Eligible?

Yes, how underwater you are (or aren’t) doesn’t matter for this program.

What if I am About to be Foreclosed On?

The foreclosure process will stop while you’re being considered for the program (or for any alternative foreclosure prevention option).

How Will This Help?

The aim is for your monthly payments (not including private mortgage insurance) to reach 31% of your pre-tax monthly income. The monthly payments are defined as payments on the principal, interest, taxes, insurance (not including mortgage insurance) and homeowners association/condo fees.

First, the lender will reduce the interest rate to no less than 2% on the loan so that the monthly payments are less than 38% of your monthly income. Then, the Treasury will match further reductions, dollar-for-dollar, with your lender, to bring the monthly payments down further, to 31% of your monthly income.

If you keep your payments on time after the modification, the government will pay up to $1,000 each year in the first five years toward reducing the principal on your mortgage.

After five years, the interest rate on the loan will start to increase by no more than 1% per year, but can’t go higher than what the market rate was (as determined by Freddie Mac) on the day your loan was modified.

What’s in it for My Lender/Servicer?

The company that services your loan will get a an incentive fee of $500 for each modification they do. Once your lender modifies your loan, they’ll be paid a $1,500 incentive.

Is There a Deadline?

New borrowers will be accepted until Dec. 31, 2012.

How Do I Start?

Give us a call today and find out what you qualify for at 1-800-480-1917 or simply go to http://www.nationalloanbailout.com/.

How to Submit a New Short Sale File

First go to http://www.ZOOMDocuments.com and print off:

1. Items Needed By Agent
2. Items Needed By Client
3. Save BPO the form to your desktop (please complete the listing agent BPO it can make or break your deal!)
4. Gather and submit ALL required documents
5. Fax all documents and items requested to 801-892-2203 or e-mail them to NewFile@ZOOMLossMitigation.com

Please feel free to call us with any questions at 801-527-2011 or e-mail Questions@ZOOMLossMitigation.com.

Thank you!

REALTORS® ACHIEVE VICTORY WITH SHORT SALE COMMISSIONS

Washington, D.C. (March 3, 2009) – NAR preserves Realtor® commissions. After extensive lobbying and educational efforts by NAR, Fannie Mae made the attached announcement last week.

Fannie Instructs Its Servicers Not to Cut Commissions on Short Sales

On February 24, 2009, Fannie Mae sent Announcement 09-03 to its servicers instructing them NOT to negotiate commissions on short sales below the amount negotiated by the listing agent (unless the commission exceeds 6 percent). The requirement took effect March 1, 2009. Fannie Mae recognizes that (a) negotiating commissions for short sales is unfair because getting a short sale to closing requires intensive work over many months, often requiring working with numerous buyers, and (b) compensating real estate agents fairly benefits Fannie Mae because agents play a crucial role in short sales. The Announcement reminds servicers that third party approvals (i.e., private mortgage insurers) may be required and can affect commissions.

NAR has asked both Fannie Mae and Freddie Mac to strengthen their policies against reducing short sales commissions. NAR welcomes Fannie’s announcement, and has urged Freddie to follow Fannie’s lead.

ZOOM! Can Help You Supercharge Your Business!

"Don't step over dollars to pick up pennies"

Do you fully understand the 18 page HUD Pre-Foreclosure Sale Program changes that went into effect on December 24, 2008 for all short sales? WE DO!!!

ZOOM! Loss Mitigation Specialists can help you supercharge your business and make more money. We provide short sale assistant services to real estate agents to help them get to the next level of their business.

How many hours a week do you spend doing assistant-level tasks? How much money are you losing every week by doing $10 - $20/hour work instead of $50-$100/hour sales activities? We can help solve this problem - fast!

We assist you with the following:

• Contact the borrowers lender
• Order and review title
• Order mortgage pay-off(s)
• Order a forensic loan audit and legal document review and report results
• Provide imminent foreclosure or toxic listing notification
• Collect documents and prepare the short sale submission file
• Short sale lender submission(s)
• Maintain constant contact
• Reduce your legal liability
• Negotiate with the lender and junior lien holders
• Obtain lender short sale APPROVAL(s)
• Balance your business needs, work hours, and lower-value tasks
• Increase your net profit
• Help your clients out of a tough situation

We believe in fast action, direct communication, and long-term relationships.

If you wish you had more time to sell and could spend less time on non-sales activities, then ZOOM! Loss Mitigation Specialists can help. As part of our services, we will also provide complementary short sale training and marketing ideas to help your listings sell faster!

Contact us today for a free consultation - Call 801-438-1168
Website: http://ww.zoomlossmitigation.com/
Short Sale Questions: http://ww.zoomlossmitigation.blogspot.com/
E-Mail: info@BestMortgageReports.com

Trustee Sites - Utah

The following Trustee sites will tell you when and where upcoming Utah Foreclosure auctions will be:

Scott Lundberg
Bryan Cannon
Recontrust
Smith Knowles
Marlon Bates
Woodall and Wassermann
Pettey Legal

You can also find out about upcoming trustee sales by viewing the classifed sections of local newspapers.

http://www.zoomlossmitigation.com

Do Not Breach Your Fiduciary Duty!

Listing Agents - This is a quick reminder to NEVER EVER give anyone other than your seller the login and password to the ZOOM! Loss Mitigation Specialists Information Center.

Thank you!

ZOOM! Loss Mitigation Specialists

FREE Real Estate Agent and Investor Coaching and Training

At ZOOM! Loss Mitigation Specialists we are not here to sell real estate agents' and investors' books and tapes.

We firmly believe that the more educated the real estate agent, investor, and home owner are throughout the transaction the higher chance we have of accomplishing everyone's goals.

How can ZOOM! Loss Mitigation Specialists best help you?

We are real estate and mortgage experts! We provide our active real estate agents' and investors' with on-going coaching, training, and marketing ideas via:

1. One-on-One coaching calls
2. Office presentations and seminars
3. Mastermind groups
4. Information Blogs
5. Tele-seminars
6. Webinars
7. And much more!!!

Call 801-438-1168 or e-mail ZOOMLossMitigation@gmail.com to find out how we can help you supercharge your business.

http://www.zoomlossmitigation.com/

Short Sale Approval - Deal or No Deal?

Would you or your client be interested in ZOOM! Loss Mitigation's services if it made the difference between whether or not the home is approved for a short sale or not?

Give ZOOM! the opportunity to do what they do best. Call us now for a FREE no obligation consultation about you short sale.

1-801-438-1168 or simply e-mail ZOOMLossMitigation@gmail.com

http://www.zoomlossmitigation.com/

Agents - It Actually COSTS YOU MONEY to Sell A Short Sale!

Did you know that the average short sale takes an average of 120 business hours to get approved?

That is 15 full 8 hour business days. Can you really afford to spend that amount of time processing a file verses out actually selling real estate???

Let ZOOM! Loss Mitigation Specialists save your valuable time and help you make more $$$!

1. Are you paying an assistant wages and over-head to try and process your files (by the way...If they are not a licensed real estate agent you may be in violation)?

2. Are you paying an agent in your office HALF your commission to do the work you don't want do?

3. Does your broker really have the time to negotiate a short sale for you?

4. Are you wasting valuable commission-generating hours attempting to process and negotiate short sales yourself?

5. Do you have Attorney's available to provide Forensic Loan Audits, Legal Document reviews, and actually rescind a borrowers home loan?

Consider this:

120 Hours x $30.00 (average producing agent income per hour) = $3,600.00 LOST agent income negotiating the average short sale.

$200,000 Home Sale
x 3% Full Listing Agent Compensation*
= 6,000.00 Compensation
- 3,000.00 Broker Split 50/50
- 3,600.00 Lost Agent Income Negotiating the Short Sale
$ -600.00 Negative Income (not including home marketing expenses)

AGENTS...It actually COST YOU MONEY to sell a home! Now who wants to work for FREE?!?

Stop wasting your valuable time and go make more money! Let ZOOM! Loss Mitigation Specialists do what we do best and you can do whatever you like with the extra 15 days of your life.

NO COST - ZOOM! Loss Mitigation services are available at no cost as long as the lender is willing to compensate for services rendered.

Call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com and let's get started!

http://www.zoomlossmitigation.com/


*Agent compensation is an average and not a suggestion or a standard. All agent commissions are negotiable and vary. % used above is an example only.

Top 10 Reasons Why You and Your Clients Should Take Advantage of ZOOM! Loss Mitigation Specialists

Do you think you or your client would see the benefit to investing $500.00 right now to:

1. An attorney will do a forensic loan audit and legal document review and possibly rescind the home loan all together

2. Receive notice of an imminent foreclosure or toxic listing

3. Stop or postpone a foreclosure sale

4. Have access to the status of the short sale 24 hours a day/7 days a week

5. Reduce your legal liability

6. Find out what the lender or servicing company is actually going to let the property sell for

7. Possibly keep your seller in their home another 30-120 days without having to come up with moving expenses, first and last months rent and security deposits, as well as up rooting their family

8. Dramatically speed up the short sale process

9. Increase the chance of the property actually selling

10. Do none of this work yourself!!!

No further investment is necessary until we receive an "Approval" from the lender. Can you see how ZOOM! can be a huge benefit to you and your client?

Take advantage of ZOOM! Loss Mitigation Specialists. Call us now at 1-800-480-1917 or simply go to http://www.zoomlossmitigation.com and fill out the form at the bottom of the page.

What is the benfit to doing a Forensic Loan Audit and Legal Document review?

Is your client suffering a financial hardship?

Are they behind or struggling to make their current mortgage payments?

Are they a victim of predatory lending?

Does foreclosure loom?

Do they want to avoid having a foreclosure on their credit report for the next 10 years?

DID YOU KNOW?

1. The borrower can rescind (cancel) your home loan or refinance for up to THREE years if the lender mishandled your closing.

2. The loan may be re-negotiated if you are suffering financial hardship.

3. There are ways to avoid having a foreclosure on your credit report for the next 10 years.

4. The borrower can sue the mortgage company for predatory lending violations if found by a forensic loan document audit.

A current Federal Law states if a current mortgage loan was not handled properly at settlement by the Title Company and/or the Lender, the home loan be able to canceled for up to 3 years from the time the loan was closed and receive back ALL of the interest paid, all closing costs, all broker fees, and even pay the attorney fees.

Finding a violation during the forensic loan audit and legal document review process can create tremendous leverage when negotiating a short pay-off of the note.

Your client can get help fast by calling 1-800-480-1917 to find out if their current home loan qualifies for cancellation.

9 Crucial Listing and Submission Questions for Real Estate Agents

Below are 9 Crucial Real Estate Agent Tips and Information that ZOOM! needs to know:

1. Is the subject property occupied or vacant?

2. Is the subject property a primary residence or an investment property?

If the property is an investment property a copy of the rental agreement needs to be submitted to ZOOM!.

3. Make sure that all documents that are being submitted are current within 30 days.

4. Make sure all documents that require signatures are SIGNED and DATED by ALL borrowers within 30 days.

5. Provide all settlment documents for the most recent purchase or refinance within the past 36 months.

6. Is the home owners first mortgage an FHA loan?

7. BAC/SAC - The biggest mistake a listing agent can make is not having the MLS reflect the compensation listed on the listing agreement.

For example: If the seller has agreed to a __% SAC/BAC like you would normally charge - DO NOT put 1-3% or 2.5% (when it is higher on the listing agreement) or 50/50 across the MLS.

This makes it almost impossible for ZOOM! to negotiate the full agent compensation. Believe us the lender looks EVERY TIME and they know from the paperwork submitted if an agent has already agreed to or is willing to take less than full compensation on the sale of the home. Our advise is to charge what you normally charge, don't adjust it because it is a short sale, and let us do our best.

8. Has the home owner recently modified their home loan or is thinking about doing a modification?

9. Is the home owner thinking about filing bankruptcy during the short sale process?

Contact us today with any short sale question you may have at 1-800-480-1917 or simply e-mail it to ZOOMLossMitigation@gmail.com.

http://www.ZOOMLossMitigation.com

ZOOM! Loss Mitigation Specialists - Who Are We???

At ZOOM! we think of our business as having three components: talent, customers, and care.

Talent. ZOOM! seeks to attract and retain the best and brightest employees and account executives. This enables us to gain a competitive advantage in new and emerging markets.
Customers. If we truly want to have a compelling value propostion for homeowners, real estate agents, and investors we must understand the diversity of our customer base.
Care. We work to build and execute innovative processes and systems for an increasingly diverse customer base by using the diverse talents, ideas, and perspectives of our staff and account executives.

Mission Statement

ZOOM! strives to help homeowners,real estate agents, and investors through the short sale process in a stress free timely manner by providing exceptional client care, coaching and training, information, and extraordinary service while earning fair and adequate compensation for our services.

Vision Statement

Establish ZOOM! Loss Mitigation Specialists as a national leader in short sale processing and negotiation through executive leadership, engagement, education, and accountability. We will build value and commitment to work-life balance, and continue to provide new opportunity for people.

Core Values

The core values at ZOOM! are:

- Thinking and acting nationally. ZOOM! employs a creative staff and independent account executives that generates innovative marketing and services for homeowners, real estate agents, and investors.

- Attention to detail. ZOOM! believes every detail is critical to systems, processing, and client care.

- Compassion. ZOOM! understands that this may be one of the most difficult situations a homeowner can experience - we want the best possible outcome.

- Innovation. Innovation helps lower the cost of expenses, marketing, and technology.

- Feedback. ZOOM! strives to provide timely feedback and updates for real estate agents and their clients via a 24 hour online Information Center.

Strategy Overview

ZOOM!'s diversity and inclusion strategy is an important part of our business priorities. We are working with the staff members and account executives across the company to support and drive our efforts. The pillars of our diversity and inclusion strategy are:

-Driving leadership accountability and ownership.

-Attracting, developing, and retaining a diverse staff and account executives.

-Creating a culture and climate of respect.

ZOOM! makes a difference.

How Does ZOOM! receive compensation?

NO COST processing is provided if ZOOM! is able to be compensated by the lender and or servicing company. However, some lenders or servicing companies are unable to provide compensation due to certain lender guidelines.

All files submitted are subject to a non-refundable $500.00 service fee at the time the initial file is submitted to ZOOM! Loss Mitigation Specialists. An additional $1,497.00 is due and payable upon closing. Any of the above fees can be payable in the form of cash, check, or credit card and can be paid by the client, real estate agent, buyer, investor, or any other party.

In the event ZOOM! Loss Mitigation Specialists is successful in negotiating their professional fees with the lender and/or servicing company and receives a minimum professional service fee of $1,997.00 upon closing, all money received prior to settlement including the initial deposit of $500.00 shall be refunded to the contributing party and/or parties within fourteen (14) calendar days of closing.

In the event of a successful closing, any remaining balance of the total fee of $1,997.00 shall be received directly from the listing agent, in the form of a referral fee. By signing this form the Listing Agent agrees to have his/her Broker pay the agreed upon referral fee within seven (7) calendar days of closing.

Once ZOOM! Loss Mitigation Specialists has received the initial service and submission fee and all required documentation, the file shall be submitted to the lender and/or servicing company within 48 business hours.

The short sale process may take anywhere from 60-90 days once the submission package has been received by the lender and/or servicing company. We ask that the listing agent, client, and buyer agent be as patient as possible—this is not an overnight process. All file updates shall be promptly posted on the ZOOM! Loss Mitigation Information Center.

Please feel free to contact us with any additional questions at 1-800-480-1917 or simply e-mail ZOOMLossMitigation@gmail.com.

http://www.zoomlossmitigation.com/

Foreclosures are at record levels

The red-hot market, according to Steve Murray with REAL Trends, could be gone for several years. Think about that and ask yourself this: Is my business still geared for the sales pace of 2003-06 or have I adjusted to the slower market I have now?

It's a vital question, because the nature of the market has changed significantly. Foreclosures, not a factor in 2003-05, now have a huge impact on price, commissions, marketability and consumer confidence. And though much will be done to curb the problem, it will take time to work these troubled properties through the system, due in part to sheer volume. RealtyTrac reported more than 3 million foreclosure filings on 2.3 million properties in 2008, an increase of 81% from 2007 and 225% from 2006; banks repossessed over 850,000 properties last year, more than double the 2007 total.

Homes in some stage of pre-foreclosure or foreclosure will account for a large portion of sales this year. Our goal at ZOOM! Loss Mitigation Specialists is to help agents recognize that and arm them with the skills and knowledge to best serve them in this sector of the industry.

Please feel free to call us with any questions at 1-800-480-1917 or simply e-mail us at ZOOMLossMitigation@gmail.com.

www.ZOOMLossMitigation.com

Benefits To Avoiding Foreclosure

Benefits To Avoiding Foreclosure

Home Owner Benefits to Avoiding Foreclosure with ZOOM! Loss Mitigation Specialists:

1. Help in Avoiding Foreclosure
2. Less Credit Damage than Foreclosure or Bankruptcy
3. Simple and Inexpensive Relief
4. Our unparalleled support includes: Real Estate Professionals, Lenders, Attorneys, Buyers, Consultants and more
5. Access to our top notch network of Real Estate Professionals, Attorneys, Lenders, Mortgage Companies, Buyers, Consultants and more.
6. A Fresh Start
7. You pay nothing to us upon a successful short sale transaction.
8. The lender typically pays the selling and buying agent’s commissions, attorney fees, rehab fees, our costs, past due payments, and more. The lender and/or seller will absorb the closing costs as well.

Real Estate Agent Benefits to working with ZOOM! Loss Mitigation Specialists:

1. FREE yourself to focus on your business and not get bogged down trying to negotiate a short sales on your own
2. Increase your market share and income
3. Training and support
4. Postpone foreclosure sales
5. Organize and process the entire short sale package
6. We do all the negotiation
7. Provide 24 hour access to the ZOOM! Loss Mitigation Information Center

Lenders prefer to work with ZOOM! Loss Mitigation Specialists:

1. It costs lenders a fortune to foreclose a property. A short sale helps absorb additional losses and gives them an immediate pay-off
2. They are lenders, and are not in business to buy and sell real estate
3. A REO (banked-owned property) is a liability, not an asset to the bank
4. Most lenders are REQUIRED to have an amount up to SIX Times the retail value of each REO in reserves, so a short sale gives them an immediate relief
5. Protection of their banking charter
6. ZOOM! Loss Mitigation has a full-time staff of licensed processors and staff members that specialize in short sale processing and negotiation

To find out more call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com.

www.ZOOMLossMitigation.com

Minimum Charges for Escrow Services - UTAH

Rule R592-13

"Minimum Charges for Escrow Services"

Recently, The Title and Escrow Commission in conjunction with The Utah State Insurance Department invoked a new rule (Rule R592-13) that will effect your future real estate transactions. This new rule requires all title insurance agencies operating in the state of Utah to charge a uniform "minimum charge for escrow services". This minimum escrow fee is determined by the purchase price/ loan amount of the transaction and includes the combination of both the closing/ settlement fee and the document preparation fee. The new minimum charge requirements will be applied as follows:

Purchase Price/Loan Amount - Minumum Escrow Fee
$0 to $180,000.00 - Minimum Escrow Fee $150 per side
$180,000.01 to $250,000.00 - Minimum Escrow Fee $250 per side
$250,000.01 and above - Minimum Escrow Fee $350 per side

It is important to note that this is a minimum charge requirement. Some transactions may require additional fees to cover services rendered or to fulfill requirements made by the parties involved in a transaction.

Although, this rule was put into effective January 22, 2009 it will not be implemented until April 1, 2009.

When should a Loss Mitigation file be submitted to ZOOM!?

Answer:

The day the home is listed. It doesn't matter if you have an offer on the property or not. This allows ZOOM! to go into action. Once the initial file and the $500.00 service and processing fee is received ZOOM! will:

1. Order title on your clients behalf from their preferred service provider and forwarded to the listing agent as soon it becomes available.

2. Order loan pay-off(s) to determine the actual amount(s) encumbered.

3. Order a Forensic loan Audit and legal document review services with the legal department and will be processed while waiting for an offer on the property.

4. The lender and/or servicing companies will be notified immediately that the home is listed for sale and is in a short sale situation. This may include the postponement of a pending sale.

5. Notify the listing agent should the property be deemed a possible imminent foreclosure or toxic listing.

These 5 steps are crucial in expediting your short sale to "Approval". Once you receive and offer, option, or letter of intent to purchase the property, please forward it to ZOOM! processing as promptly as possible.

Please call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com with any additional questions.

www.ZOOMLossMitigation.com

ZOOM! Loss Mitigation Online Document Manager

The document manager is a collection of commonly used or requested files. Click the document title to download the file to your local computer.

Click here for access to the ZOOM! Loss Mitigation Online Document Manager

Can't find what your looking for or have a question? Please call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com.

www.ZOOMLossMitigation.com

ZOOM! Loss Mitigation Specialists Privacy Policy

ZOOM! Loss Mitigation Specialists collects information ("nonpublic personal information") about client/home owners from the following sources:

Information we receive from the client/home owner on contact information forms, financial worksheets, tax returns, bank statements, social security numbers, and other forms.

However, we recognize the importance the client/home owner places on their privacy and the confidentiality of their financial information. Therefore, we do not disclose nonpublic information about the client/home owner to nonaffiliated third parties except as permitted by law.

Additionally, we restrict access to nonpublic personal information about the client/home owner to those employees who need to know that information to provide services to the client/home owner. Finally, we maintain physical, electronic, and procedural standards and safeguards to guard the client/home owners nonpublic personal information.

Should the client/home owner have any questions regarding this Privacy Policy, please feel free to call us toll free 1-800-480-1917.

ZOOM! Loss Mitigation Specialists
4525 South Wasatch Blvd, Suite 335
Salt Lake City, Utah 84124
www.ZOOMLossMitigation.com

Should The Home Owner Do A Deed In Lieu Of Foreclosure?

Answer: It is not recommended

A home owner can attempt a "deed in lieu of foreclosure" but sometimes the lender won't agree. If there is more than one lien holder, it is very difficult to do a deed in lieu.

If a foreclosure is imminent, this may be the only option. In some cases the home owner can have a deficiency judgment filed against them.

Often times a lender will offer the home owner "cash for keys" and pay them up to $1,500 or more to vacate the property and leave it broom swept clean by a pre-determined date.

Please call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com with any additional questions.

www.ZOOMLossMitigation.com

How Will The Lender Report The Short Sale On The Credit Bureau's?

Answer: Depends on the lender or servicing company

Anything less than "Paid In Full" is considered derogatory, and will reduce a home owners credit scores. Typically, the lender will report the account "Paid Not As Agreed". This is still much better than a foreclosure that will remain on a persons credit for up to 10 years.

Please call 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com with any additional questions.

www.ZOOMLossMitigation.com

Short Sale Tips For Listing Agents

Below are some tips that can improve the odds of your short sale listing being "Approved" by the lender:

1. Sell the property "AS-IS" - lenders and servicing companies don't like to see offers subject to repairs and condition.

2. No seller concessions - lenders and servicing companies are already losing money on their asset, they don't want to lose an additional 3% or buy a home warranty just to sell an asset. Concessions can kill your deal!

3. Sell to an owner occupant - lenders frown on letters of intent, option contracts, and/or assign offers.

4. 1% - 3% in earnest money - the more earnest money the better.

5. Pre-Qualification letter and/or Proof of Funds - the buyer needs to demonstrate the ability to buy.

6. Flexible deadlines - buyers need to be flexible and patient during the short sale process.

7. Educate Buyer Agents and Investors - they need to be "realistic", if a property is already priced at 75% or 80% of market value don't expect a lender to sell the property for much less than that.

8. Listing Agent BPO and summary reports- don't take pictures of the beautiful rooms in the home and don't use the nicest home on the street as your sold comparable. You want to point out the issues that effect the homes value and re-sale(ie. leaking roof, mold, meth, etc.). In addition, use comparables that are other sold short sales and bank owned properties.

9. Get out of the way - don't get in the way of a transaction, nobody has any idea what a lender is willing to do to get their asset sold.

10. Be patient, be patient, be patient.

11. SUBMIT YOUR SHORT SALE TO ZOOM! LOSS MITIGATION - contact us at 1-800-480-1917 or e-mail ZOOMLossMitigation@gmail.com for a complete list of all items needed for successful short sale transaction on your listing.

www.ZOOMLossMitigation.com